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Ipswich launches fixed rate deals

The range comprises three-year and 10-year fixed rate mortgages, plus a fees-free three-year fixed remortgage.

The 10-year fixed is offered at a rate of 5.89% until December 31, 2014. The three-year fixed is at 5.9% until December 31, 2007. And the fee-free three-year remortgage is at 6.10% until December 31, 2007.

Paul Winter, sales and marketing sirector of Ipswich, says: “These mortgages are targeted at borrowers who want to be cushioned from the possibility of rises in interest rates and value the certainty of predictable mortgage payments over a longer timeframe. At these rates, they will be very attractive to borrowers who cannot afford significant increases in their existing monthly mortgage costs.”

Both the three and 10-year deals are available for purchase or remortgage and have maximum LTVs of 95% and 80% respectively.

On all three products there is a minimum advance of £25,000 and the maximum loan size is £350,000. No higher lending fee is payable for loans up to 90% of the purchase price and there are no compulsory insurances.

An early repayment charge is payable during the fixed rate period only. There is an arrangement fee of £395 on the 10-year deal and £295 on the three-year product.

The fee-free product has no compulsory insurances, no arrangement charge and no application fee. Legal costs are paid, or there is £250 cashback. Loans are available up to 80% of valuation and an early redemption charge is payable during the fixed rate period only.

On all three products interest is charged on a daily basis and loans can be reduced to 50% of the original advance without charge. Arrangement fees can be added to the mortgage account.

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